The Government Also Lent 50-Year Maturity Special Bogeumjari Loan to People in Their 60s [2023 National Audit]

National Assembly Political Affairs Committee Audit on the 11th

The 50-year maturity special BoGeumJaRi loan created by the government was also found to have been issued to borrowers aged 60 and over. At the National Assembly's Finance and Economy Committee audit held on the 11th, Kang Hoon-sik, a member of the Democratic Party of Korea, stated, "The 50-year maturity special BoGeumJaRi loan was issued in 5 cases (totaling 1.5 billion KRW) to borrowers aged 60 and above," and added, "I am curious whether the Financial Services Commission chairman was aware of this fact."

At the audit session that day, the Financial Services Commission chairman also criticized the 50-year maturity special BoGeumJaRi loans offered by commercial banks as "unreasonable." He said, "The 50-year maturity special BoGeumJaRi loan launched by the Korea Housing Finance Corporation was available to those aged 34 or younger, who were non-homeowners, and had fixed interest rates," and added, "However, banks included multi-homeowners as eligible and also issued loans to borrowers aged 60." He continued, "I think this is against common sense and can only be seen as banks securing profits."

However, according to data received by Representative Kang from the Financial Services Commission, borrowers in their 40s and 50s executed 798 cases (225.5 billion KRW) of the 50-year maturity special BoGeumJaRi loan. Among the total number of cases (7,613), the proportion of loans issued to borrowers aged 40 and above was 10.6%, and in terms of total amount (2.0978 trillion KRW), it accounted for 10.8%.

Representative Kang said, "It seems that the loans issued to borrowers aged 40 to 60 and above were likely newlywed couples." The government, which had argued for an age limit on the 50-year maturity mortgage loan, is unlikely to avoid criticism that there were loopholes in the policy. Kim Ju-hyun, chairman of the Financial Services Commission, said, "We will verify the facts," and added, "If true, it means the special BoGeumJaRi loan was mismanaged."

This content was produced with the assistance of AI translation services.